GrayscaleInvestmentshasfiledtoconvertitsGrayscaleDigitalLargeCapFund(GDLC)intoanexchange-tradedfund(ETF),expandingitsexistingsuiteofcryptoETFs,accordingtoareportbyHeleneBraunforCoinDesk.GDLCcurrentlytradesover-the-counterandtrackstheCoinDeskLargeCapSelectIndex,offeringexposuretofivemajorcryptocurrencies:Bitcoin(BTC),Ether(ETH),Solana(SOL),XRP,andAvalanche(AVAX),weightedbymarketcapitalization.
OnceapprovedbytheU.S.SecuritiesandExchangeCommission(SEC),thefundwilltradeontheNewYorkStockExchange(NYSE)followinga19b-4filingsubmittedbytheexchange.A19b-4filingisaformalrequestthatastockexchangesubmitstotheSECtoproposearulechange,suchaslistinganewsecuritylikeanETF.ThisfilingrequirestheSECtorespondwithinasettimeframe.
AGrayscalespokespersonexpressedconfidenceintheproduct’sfuture,statingthatGDLCisdesignedtomeetgrowingdemandbyprovidingdiversifiedaccesstoaportfolioofleadingdigitalassets.
ThisfilingcomesafterthesuccessfulconversionofGrayscale’sBitcoinTrust(GBTC)andEthereumTrust(ETHE)intoETFsearlierthisyear.However,bothGBTCandETHEhaveseeninvestoroutflowsexceeding$23billion,accordingtoFarsideInvestors.Despitethesechallenges,Grayscalehascontinuedtoexplorenewopportunities,withthefilingforGDLCpotentiallymarkingthefirm’sfifthETFlaunchthisyear.
Grayscale’smoveshavetriggeredrenewedinterestinthemarket,withotherissuersfilingforETFslinkedtosmallertokenslikeXRP,Solana,andLitecoin.
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